IJSRED-V2I1P33

ISSN : 2581-7175 ©IJSRED:All Rights are Reserved Page 287
International Journal of Scientific Research and Engineering Development-– Volume 2 Issue 1, Jan-Feb 2019
Available at www.ijsred.com
Effect Of Company Financial Performance On Investment
Ratings In Companies Listed In Indonesia Stock Exchange
Ramdan Rossy
Faculty of Economics, Sriwijaya University, Palembang, Indonesia
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Abstract:
This study aims to determine whether the current ratio, return on assets, debt equity ratio, total
asset turnover and market book value have an influence on investment ratings. The research
population is all companies listed on the IDX for the period 2013-2017.The sample is determined
based on the purposive sampling method, as many as forty-three companies. Secondary data
taken in the form of company financial statements starting from 2013 to 2017. Data analysis
techniques in this study using logistic regression analysis. The test results show that return on
assets, debt equity ratio and total asset turnover have a significant positive effect on
theinvestmentcurrentratioand the market book value does not have a significant negative effect
on investment ratings.
Keywords: investment rating, current ratio, return on assets, debt equity ratio, total asset
turnover, market book value.
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Abstract
This research on the current ratio, return on assets, debt equity ratio, total asset turnover and
market value influence on investment grade. The research population is all listed companies in
IDX in the period 2013-2017 . The sample was determined by purposive sampling method, a
total of fourty eight companies. The secondary data are from companies started from 2013 until
2017.The technique of data analysis in this research using logistic regression. The results
showed that returns on assets, the debt equity ratio, total asset turnover had a significant
positive effect on investment grade, while current ratio and market book value not significant
negative effect on investment grade.
Keywords: investment grade, current ratio, return on assets, debt equity ratio, total asset
turnover, market book value.
1. BACKGROUND
Along with the development of the
Indonesian economy, one of the factors
driving growth is the business sector run by
private or government-owned companies
and in its development the company
continues to seek funding sources with
various objectives, including: increasing
RESEARCH ARTICLE OPEN ACCESS

working capital, business expansion, debt
payments and goals others.
One source of corporate funding is
through the capital market. Various efforts
made in finding the funding source are
called corporate action. Corporate action
generally refers to thepolicyright issue, stock
split, stock/ cash dividend, IPO, private
placement, warrant or bond issuance.
Bonds are securities or certificates that
contain contractual agreements between
lenders (investors) and those given loans
(issuers), which means that the issuer
recognizes debt to bondholders (Susilowati
and Sumarto, 2010).
In the development of corporate bond
trade in Indonesia, it continues to increase
both nominal and volume. Based on capital
market statistics on corporate bonds issued
by the Financial Services Authority (OJK) in
the period 2013 - 2017, there has been an
increase.
Keown (2005), bonds are the most
preferred securities because the cost of
issuing them is quite cheap compared to
issuing shares, besides that bonds also have
aeffecttax shield for the company.
Although bonds have many advantages as
investment instruments, bonds are also a
type of investment that has risks for
investors. The risk of investment in bonds is
in the possibility of not fulfilling the
promise for the payment of the coupon and
the principal debt madeby the issuer,
therefore investors must understand and be
aware of the risk of investment in bonds.
The risk of investment in bonds is
described on a level based on the ability to
pay the obligations of the issuing company.
These levels are often referred to as bond
ratings.
There are several rating agencies
recognized by Bank Indonesia listed in the
Attachment of Bank Indonesia Circular
Letter Number 7 13/31 / DPNP dated 22
December 2011, including:
1. Standard and Poor's Ratings
2. Moody's IndonesiaIndonesian
3. Fitch
4. Credit Rating Credit Rating
Indonesia
5. Securities Rating (Pefindo)
6. ICRA Indonesia
PemeringkatEfek Indonesia (Pefindo) is
used as the main rating agent in this
research because until now Pefindo has
been actively ranking more than 400
companies from various industrial sectors.
Bond rating (credit ratings) is the scale of
the risk of all bonds traded. This scale
shows how secure a bond is for investors.
Bond ratings are divided into two groups
based on previous research (Septyawanti,
2013), namely: Investment Grade and Non-
Investment Grade.investment gradeAnrated
bonds (highgrade), which reflects a low
credit risk (highcreditworthiness). Non-
Investment Grade is abondlow grade that
reflects high creditworthiness.
Rating agencies use various factors to rank
bonds and one of the dominant factors used
in the valuation is based on the company's
financial performance. The results of the

study (KS Kim, 2005) show that bond
ratings can be assessed from published
financial statements and in this study the
financial performance used is company
liquidity proxied by current ratio(CR)
company profitability that is proxied by
return on assets (ROA) , solvency that is
proxied by a debt to equity ratio (DER),
company activity that is proxied with total
asset turnover (TATO) and company
growth which is influenced by market book
value (MBV) .
Almilia (2007), states that the
current ratio (CR) has a significant effect on
bond ratingsthis is in line with research
conducted by (KS Kim, 2005; Ma'arij,
Zulbahridar, &Azhar, 2014) but different
results were obtained by (Damayanti, 2013;
Magreta&Nurmayanti, 2009; Sejati, 2010)
which stated that ROA does not significantly
affect bond ratings.
H. Kim &Gu (2004) states that
return on assets (ROA) has a significant
effect on bond ratings, this is in line with
research conducted by (de Souza Murcia,
Murcia, Rover, &Borba, 2014; Gonis, Paul,
&Wilson , 2012; Hung, Cheng, Chen, &
Huang, 2013; KS Kim, 2005; Rizal Syamsu
and WindaSutanti, 2015) but the opposite
was found (Luciana Spica Almilia, 2007;
Ma'arij et al., 2014; Sejati, 2010) which
states that ROA does not significantly
influence bond ratings.
Purwaningsih (2008) in his study
explained that total asset turnover (TATO)
tended to significantly influence the
temporary bond ratings of different results
obtained by (H. Kim &Gu, 2004; Widiastuti,
2016) stating that total asset turnover
(TATO) had no effect significant to bond
ratings.
Septyawanti (2013) in his study
explained that the debt to equity ratio (DER)
significantly affected bond ratings, which is
in line with the research conducted by
(Gray, Mirkovic, &Ragunathan, 2006; Hung
et al., 2013) while different results were
obtained by (Damayanti, 2013) the debt to
equity ratio (DER) does not significantly
influence bond ratings.
Almilia (2007) in his study explained that
market book value (MBV) significantly
affected bond ratings, which is in line with
research conducted by (Gonis et al., 2012)
while different results were obtained by
(Widiastuti, 2016) market book value (
MBV) does not significantly influence bond
ratings.
2. LITERATURE STUDY
2.1. Rating of Bonds Bond
rating (credit ratings) is the scale of
the risk of all bonds traded. This scale
shows how secure a bond is for investors.
This security is indicated by its ability to
pay interest and repay the loan price in a
timely manner. The corporate bond rating
is expected to provide investorsinstructions
on the quality of bond investments they are
interested in.
The higher the bond rating, the more it
shows that the bond avoids the risk of
default. Based on the evaluation of the
issuance of these bonds, the rating agency
gave their opinion in the form of letter
rank, which was published to be used by
investors.

Information
AAA, AA +, AA, AA-, A +, A,
A-
1 Investment
Grade
BBB +, BBB, BBB-BB +, BB,
BB-, B +, B, B-, CCC,
D
0 Non Investment
Grade
Source: ProcessedData
2.2. Liquidity
According to Sartono (2002) in
Almilia and Devi (2007), liquidity is the
company's ability to pay short-term
financial obligations on time. Companies
that have healthy liquidity, at least have a
current ratio of 100%.
Current ratio is the ability of the
company's current assets to meet short-term
liabilities with current assets.
= 100%
2.3. Profitability
Profitability is a measure used to
measure how efficiently a company uses its
assets and manages its operations.
Return on assets is a measure of profit
generated for each company asset. ROA is
also a comparison of net income compared
to the total assets of the company.
ROA = !
100%
2.4. Solvability
Solvability is the ability of a company
to fulfill all its obligations. The solvency
ratio measures the relationship between
liabilities and shareholder capital that funds
the investment.
Debt to equity ratio (DER), this ratio
shows the provision of funds by
shareholders to lenders. The lower
corporate funding provided by
shareholders. From the perspective of the
ability to pay long-term obligations.
" =
#$ %&'(% (&( (
") ( *+$&, $-.ℎ%

2.5. Activities
Activities company is defined as a
company's ability to manage its assets.
Total Assets Turn Over according to
Syamsudin (2011), is a ratio that describes
asset turnover measured from sales
volume. So the greater the ratio, the better
that means that assets can rotate faster and
earn profits and show more efficient use of
overall assets in generating sales.
# #0 =
.%& $-
#$ %&

2.6. Growth
of a growing company requires a lot of
funds for investment. These funds can be
sourced from internal companies or external
companies both in the form of shares and
debt.
Market To Book Value Ratio (MBV)
shows how much the company value of
what has been planted by the owner of the
company, the higher the ratio, the greater the
wealth enjoyed by the owner of the
company.

123 =
1% 4 5 (6 5 .ℎ
2$$43%& 5 .ℎ% .ℎ

2.7. Hypothesis
Viewed from the formulation of the
problem and supported by the results of
previous studies, the provisional estimates in
this study are:
H1: CR affects the
investment rating.
H2: ROA affects the
investment rating.
H3: DER affects
investment rating.
H4: TATO affects the
investment rating.
H5: MBV influences
investment rating
3. RESEARCH METHODS
The scope and object of research are
liquidity (Current Ratio), profitability
(Return On Assets), solvency (Debt to
Equity Ratio),activity (Total Asset Turnover)
and growth (Market Book Value) on
investment rankings with an observation
period from 2013 to 2017 at companies
listed on the Indonesia Stock Exchange and
investment ratings issued by PEFINDO in
the study period.The logistic regression
model used to test the research hypothesis is
as follows:
PO = α + β1CR + β2ROA + β3DER +
β4TATO + β5MBV + ε
Description:
PO: Investment Rating (Dummy)
α: Constant
β1- β5:Regression Coefficient
CR: Liquidity ( CR)
ROA: Profitability (ROA)
DER: Solvability (DER)
TATO: Activity (TATO)
MBV: Growth (MBV)
ε: Residual
Sampling used in determining samples
or companies as research objects is
purposive sampling,The criteria used in
selecting samples are:
1. All companies listed on the
Indonesia Stock Exchange.
2. The bonds are ranked by PT.
Pefindo.
3. The company issued bonds, and
is still outstanding from 2013 to
2017.
4. It has published financial
statements from 2013 to 2017.
5. Having complete data for
research purposes
Based on these criteria the following
results are obtained:
Source: Processed Data

Criteria Number
of Companies Registered on the 2016 Indonesia
Stock Exchange
Number of Companies that did not issue bonds in
the period 2013- 2017
Bonds Not Rated ByPefindo 2014-2019
Companies that do not have complete financial
statements of
Total Samples
596
(512)
(23)
(18)
43
4. RESULTS AND DISCUSSION
Hypothesis testing is done by
usinganalysislogistic regression because the
dependent variable is a dummy variable.
The results of the logistic regression test
used 0.05 as the level of significance.
N Minimum Maximum Mean Std.
Deviation
Current Ratio (X1) 215 26.00 600.00 145.0326 72.66601
Return on Assets (X2) 215 -24.00 38.00 4.3107 5.77935
Debt Equity Ratio (X3) 215, 30, 14, 74 3,6088 3,20802
Total Assets Turnover (X4) 215 , 02 3,32 , 5649 , 61426
Market Book Value(X5) 215 , 24 7.30 1.7812 1.18674
Valid N (listwise) 215
Source: SPSS 23 (processed data)
Current Ratio (CR), ie current assets
divided by current debt have an average of
145.03% , the standard deviation is 72.66%,
the minimum value is 26% and the
maximum value is 600%. Thevalue or
CRlowestlowestin this study was obtained
by PT WehaTransportasi Indonesia Tbk. in
2015 and themaximum value or
CRhighestwas obtained by PT Tiphone
Mobile Indonesia Tbk in 2016.
Return on Assets (ROA), which is net
income after tax divided by total assets has
an average of 4.31%, standard deviation of
5.77 %, the minimum value is -24% and the
maximum value is 38%. The minimum
value or ROA lowestin this study was
obtained by PT Express
TransindoUtamaTbk in 2017 and the
maximum value or ROAhighestwas obtained
by PT SelamatSempurnaTbk in 2014.
Debt Equity Ratio (DER), ie total debt
divided by total equity has an average of
3.60 times, standard deviation of 3.20 times,
minimum value of 0.30 times and maximum
value of 14.74 times the minimum value or
DERlowestin this study obtained by PT

BumiSerpongDamaiTbk in 2017 and
maximum value or DER the highest was
obtained by PT Bank BukpoinTbk in 2017.
Total Asset Turnover (TATO), namely
sales divided by total assets has an average
of 0.56 times, standard deviation of 0.61
times, minimum value of 0.02 times and
maximum value amounting to 3.32 times
theminimum value or TATOlowestin this
study obtained by PT Bank Capital
Indonesia Tbk in 2014 and themaximum
value or TATOhighestobtained by PT
Tiphone Mobile Indonesia Tbk for 2016.
Market Book Value (MBV), which is the
stock market value divided by stock book
value has an average of 1.78 times, standard
deviation of 1.18 times, minimum value of
0.24 times and maximum value of 7.30
times the minimum value or MBVlowestin
this study was obtained by PT Express
TransindoUtamaTbk in 2015 and the
maximum value or MBVhighestwas obtained
by PT Nippon IndosariCorpindoTbk in
2014.
There were 188 observations (87.4%) of
companies that were ratedbondsinvestment
grade while the number of observations of
the company obtained abond rating of non-
investment grade 27 observations (12.6%).
Classical assumption testing carried out
in this study only includes multicollinearity
tests. The following istable of
multicollinearity test results:
Model Collinearity Statistics
Tolerance VIF
Current Ratio (X1) , 739 1,352
Return On Assets (X2) , 631 1,584
Debt Equity Ratio (X3) , 689 1,452
Total Assets Turnover (X4) , 604 1,655
Market Book Value(X5) , 644 1,552
Source: SPSS 23 (data processed)
Multicollinearity test shows tolerance
value> 0.1 and VIF value <10 which means
that there is no multicollinearity between
independent variables so that it is suitable
to be used in regression testing.
Assessing the feasibility of a
regression model is done by assessing
significantly on thetablesHosmer and
Lemeshow Goodness of Fit Test. A
regression model is declared feasible for
further analysis if the results of the Hosmer
and Lemeshow test Goodness of Fit
Testhave a significance value> 0.05. The
following is a table of Hosmer and
Lemeshow Goodness of Fit Test testresults
:
Chi-square df Sig.
14,343 8 , 073
Source: SPSS 23 (processed data)
Based on the value of goodness of fit
measured by the value of Chi-Square at the
bottom of the Hosmer and Lemeshow test of
14,343 with a probability of significance
0,073> 0.05. The results of this test show
that the hypothesized model is in accordance
with existing data so that the model and data
can be further tested.
Assessing the overall model by
comparing the value of thevalueLog
Likelihood -2(block 0) with thevalueLog
Likelihood -2(block 1) found that there was
a decrease in value. If there is a decrease in

the number -2 Likelihood Log (block number
= 0 - block number = 1) shows a good
regression model (Ghozali, 2013). Here is a
table of test results Overall Fit Test:
Iteration History
-2 Log Likelihood (block 0) 162.497
-2 Log Likelihood (block 1) 125.937
Source: SPSS 23 (data processing)
test results overallfit test shows that
the value of the block 0 compared block
equal to 36,560 which means that the model
by entering the variables CR, ROA, DER,
TATOand MBV is better than the model only
intercept. So it can be concluded that this
decreasing value shows that the good
regression model and the model
hypothesized are fit with the data.
B SE Wald df Sig. Exp (B)
Current Ratio (X1) -, 001,0
04,
037 1, 847,99
9
Return on Assets (X2),2
50,
075 11.064 1 001 1,285
Debt to Equity Ratio (X3),1
88,
090 4.310 1 038 1,207
Total Assets Turnover (X4) 3,556 1,379 6,654 1 ,
010
35,038
Market Book Value(X5) -, 144 , 301 , 229 1 ,
632
, 866
Constant -, 348 , 981 , 126 1 ,
723
, 706
Source: SPSS 23 (data processed)
Significant value of current ratio of
0.873> 0.05 then there is no influence
significant between liquidity and investment
rating so the hypothesisrejected.The test
results show that liquidity has not been
successfully supported because the current
ratio (CR) does not have a significant effect
on investment ratings. The findings obtained
are not consistent with the proposed
hypothesis, this can be interpreted that the
size of the current ratio (CR) will not
significantly affect the investment rating
issued by the investment rating. The results
of this study are also reinforced by the
change in the value of the average non-
current ratio fluctuatingwhere during the
observation period the changes were less
than 10% per year.
PEFINDO assesses the company's
liquidity based on capital expenditure, cash,
estimates of cash receipts from operations
and loans that are temporarily unused. The
current ratio (CR) assesses liquidity based
on current assets and current liabilities of the
company. There are limitations in the
current ratio (CR) as stated by

Subramanyam and Wild (2010) that the
current ratio (CR) is a static measure of the
resources available at one time to meet
current liabilities.
Significant value of Return On
Assets of 0.001 <0.05 indicates that there is
a significant effect on investment ranking so
the hypothesis is accepted.The results of this
test show that the level of company
profitability on assets has a significant effect
on investment ratings. This is because the
level of profitability measured using return
on assets (ROA) is one indicator that reflects
the level of financial health of the company,
the higher the level of profitability the
company has on the level of assets it
manages, will reflect a good level of
financial health. Measurements using return
on assets (ROA) aresuitableapplied to assess
management effectiveness in managing
investments or measuring investment return.
A good level of asset management
reflected in return on assets (ROA) can
provide a good investment rating. The
greater the level of return on assets (ROA)
can reduce the level of risk the company
has. Companies that operate effectively and
efficiently trigger investors' view that the
company's financial condition is good and
have a low risk of default, a decrease in the
level of risk can improve its investment
rating .
The significance value of the Debt
Equity Ratio of 0.038 <0.05 indicates that
there is a significant influence on investment
rank so that the hypothesis is accepted. The
results of this test show that the level of
corporate debt on own capital has a
significant effect on investment ratings. The
results of this study mean that an increase in
the amount of debt increasing the investment
rating caused by effective use of debt for the
expansion of the company's operations
provides an opportunity for the company to
obtain greater profits.
A positive relationship between the
Debt Equity Ratio (DER) to investment
ratings can be caused by the composition of
debt that is still not optimal against the level
of equity for which the company is still
possible to add debt to maximize the
principle of exchange between risks and the
benefits of using debt. Debt ownership is
basically allowed insofar as it has a positive
impact on the company's operations and the
company is able to carry out its obligations
when due. Debt obtained affects the amount
of capital owned by the company.
Companies that are able to manage these
debts well will generate profits. The profits
generated will of course have an impact on
increasing the company's capital.
The significance value of Total Asset
Turnover (TATO) of 0.01 <0.05 indicates
that there is a significant effect on
investment rank so that the hypothesis is
accepted. The results of this study mean that
the effectiveness of the use of assets
reflected in the turnover of assets against net
sales can improve investment ratings.
The greater the level of effectiveness
of the use of assets in increasing net sales
shows the greater profits obtained by the
company so that investors assess that the
company's financial condition is good and
has a low risk. The influence of significant
activity ratios on investment rankings shows
that if the company is able to maximize its
assets, the ratio of the company operates
better, meaning that the company uses its

assets efficiently compared to other
companies, so the company can increase net
sales again.
The significance of Market Book
Value (MBV) of 0.632 <0.05 indicates that
there is no significant effect on investment
ranking so the hypothesis is rejected. The
results of this study mean that the company's
growth is not illustrated based on the
company's investment capabilities related to
asset management. Investment rating uses
industrial competition factors, industry
prospects & market share in assessing
company growth (Widiastuti, 2016).
PEFINDO assesses the company's
growth based on industry competition,
industry prospects and market share, while
in this study the measurement tool used is
Market Book Value (MBV) which evaluates
based on market prices and company book
value. This difference in measurement
causes the proposed hypothesis to be
rejected, this means that changes in the
Market Book Value (MBV) will not change
the investment rating provided by
PEFINDO.
5. CONCLUSIONAND SUGGESTION
Based on the results of data analysis and
discussion that have been conducted, the
following conclusions are obtained: The
1. company's liquidity which is proxied by
Current Ratio (CR) does not have a
statistically significant effect on
investment ratings. The results showed that
the proposed hypothesis was rejected. This
is because PEFINDO further assesses the
company's liquidity capability on the basis
of a cash flow statement, which provides
more detailed information and is
strengthened by the results of the research
that the change in average current ratio is
not fluctuating, where the change period is
less than 10% per year.
2. The profitability of the company that is
proxied by Return On Assets (ROA) has a
investment ratings. The results of the study
show that the proposed hypothesis is
accepted. This is because the effectiveness
of the use of assets reflected in the
company's returns shows that the company
is able to optimize the company's assets to
record profits.
3. The company's solvency proxied by the
Debt Equity Ratio (DER) has a statistically
significant effect on investment ratings. A
positive direction shows that the company
under study is still possible to add debt to
optimize the benefits of debt. The results
of the study show that the Debt Equity
Ratio (DER) can be one indicator that
reflects the level of risk of the company.
4. The company activities that are proxied by
Total Asset Turnover (TATO) have a
investment ratings. The results of this
study indicate that the company is able to
optimize the company's assets to increase
sales. The research results also show that
Total Asset Turnover (TATO) can be one
indicator that reflects the level of financial
health of the company.
5. The growth of the company that is proxied
by Market Book Value (MBV) does not
have a statistically significant effect on
investment ratings. The results of this
study indicate that the company's growth is

not illustrated based on the company's
investment capabilities related to asset
management.
Based on the conclusions and limitations of
the research above, here are some
suggestions in this study that might be
useful in making investment decisions.
For investors, they can use financial
performance indicators, Return On Assets
(ROA), Debt Equity Ratio (DER) and Total
Asset Turnover (TATO) as indicators of the
company's financial health to predict bond
ratings before investing in bonds.
For further research, other independent
variables see their effects on bond ratings so
that they will enrich the research topics such
as earnings management or other financial
ratios.
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